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The Evolution of Aggregate Stock Ownership - A Unified ExplanationKristian RydqvistState University of New York at Binghamton - School of Management; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI) Joshua D. SpizmanLoyola Marymount University - Department of Finance and Computer Information Systems Ilya A. StrebulaevStanford University - Graduate School of Business; National Bureau of Economic Research July 2009 CEPR Discussion Paper No. DP7356 Abstract: Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions. We argue that tax policy is the driving force. Using long time-series from eight countries, we show that the fraction of household ownership decreases with measures of the tax benefits of holding stocks inside a pension plan. This finding is important for policy considerations on effective taxation and for financial economics research on the long-term effects of taxation on corporate finance and asset prices.
Number of Pages in PDF File: 59 Keywords: Bracket creep, capital gains tax, Income tax, Inflation, Pension funds, stock ownership JEL Classification: G10, G20, H22, H30 working papers seriesDate posted: August 26, 2009Suggested CitationContact Information
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